Jeo Boden, a Solana-based memecoin inspired by President Joe Biden, reached a new peak on Monday, exceeding the $1 mark for the first time before dropping and settling at around $0.817. The cryptocurrency surged by over 170% over the past week and over 400% over the last month.
Analysts were divided on the coin’s future. A prominent cryptocurrency influencer Ansem has recently revealed, as Benzinga reported, that he believes $BODEN will attract interest from both Democrats and Republicans, with potential for a mention from former President Donald Trump, who has shown growing interest in cryptocurrency.
Others echoed this sentiment, suggesting Trump’s awareness could further fuel the meme coin’s rise. Jeo Boden currently outpaces its political counterpart, the MAGA Memecoin, which sits at a $300 million valuation despite its own recent gains.
This has fueled speculation on social media about BODEN’s long-term potential, with some commentators believing it could even surpass other popular meme-inspired cryptocurrencies such as Dogwifhat ($WIF), which saw significant adoption earlier this year, on potential mentions during the U.S. Presidential campaign by former U.S. President Donald Trump.
As CryptoGlobe reported, the total market capitalization of memecoins in the cryptocurrency space has now topped the $56 billion mark after the value of these tokens nearly tripled since the beginning of this year, amid a memecoin mania that has seen traders make and lose fortunes in days.
According to IntoTheBlock’s Q1 2024 On-Chain report, demand for memecoins hit its highest since 2021 in the first quarter of this year despite the lack of stimulus checks from the government – as was the case during the last memecoin bullrun, with the checks coming over the COVID-19 pandemic – the firm noted that “appetite for seemingly useless crypto-assets has been very strong.
The firm’s report notes that it’s unclear “whether this is due to the economy getting overheated, or perhaps just growing financial nihilism.” Financial nihilism refers to the idea that the growing cost of living and the lack of financial opportunities are at an untenable level.
Memecoins, the firm writes, have “become the main subject in crypto over the last few months.” The ongoing memecoin mania has been such that meme-inspired tokens like $SHIB, $PEPE, and $FLOKI saw their trading volume surpass that of Bitcoin on leading Indian exchange WazirX last month.
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